Retailers at Andrew Myer’s $80 million The Well development at 793 Burke Road will open their doors this month, two years after the Victorian Civil and Administrative Tribunal approved the controversial project, defying the Boroondara City Council’s concerns about height and density.
As well as a 7,000 square metre shopping centre, The Well includes 2,410 square metres of offices and a 7-level apartment tower with 42 units.
The Well is Camberwell’s first and only fully enclosed shopping centre, and was designed by architect Bird de la Couer. Major retail tenants include Coles, JB Hi Fi, Dymocks Bookstore and Terry White Chemist. The centre is accessed via an entrance on Burke Road, north of the busy Camberwell Junction. Fitness club Genesis also signed a 10-year lease for 2,400 square metres.
Knight Frank Research estimates retail vacancy levels in Burke Road Camberwell is currently a low 1.44 per cent, contributed in part to the opening of a tattoo shop.
This low retail vacancy makes the strip a better performer than Toorak Road South Yarra (vacancy 7.8 per cent), Glenferrie Road Malvern (4.8 per cent) and High Street Armadale (2.6 per cent).
Dame Edna Everage hangout Puckle Street, in Moonee Ponds, and Acland Street in St Kilda, were the only retail suburban strips to be fully occupied in the September survey.
The Well is a joint venture between Bruce Tilley’s First State and Melbourne entrepreneur Andrew Myer, the grandson of Sidney Myer. In 1914, Sidney developed the 8-level Myer building in the CBD, making it the fifth biggest department store in the world at the time.